India has waived export duties on petroleum products for certain neighbouring countries, including Maldives, through an amendment published in the Gazette of India.
The duty waiver applies to the Special Additional Excise Duty (SAED) and the Road and Infrastructure Cess (RIC). The Maldives has been added to the list of countries eligible for these duty concessions, alongside Bhutan, Nepal and Bangladesh following an amendment to India’s duty law.
The move comes as disruptions to trade through the Strait of Hormuz have affected Middle Eastern business and the global energy market. The Maldives, which normally imports most of its oil from Oman, Singapore, Malaysia and the UAE, has discussed sourcing oil from neighbouring India amid the disruptions.
The Maldivian government has not yet officially commented on the duty concession.